Entrepreneurship is an enriching journey, and many individuals these days take the plunge to be masters of this art. Traditionally though, entrepreneurship has been a male-dominated industry.
Things are changing.
With more women embarking on the entrepreneurial journey today than ever before, female business owners no longer fit a single mold. According to statistics, more than 62% of female entrepreneurs depend on their business as the primary source of income. Is this the only reason women of today's today's world are turning toward entrepreneurship?
One of the prime reasons for women to establish their own business is passion. Instead of being stuck in a job that they don't really like, they want to follow their passions and open a business. Then, of course, hot on the heels of that reason is to achieve a work-life balance.
Apart from this, many studies also register that women establish their own business for fundamentally different reasons than their male counterparts. While men start businesses mostly for growth opportunities and profit potential, women often find businesses to meet personal goals, such as gaining feelings of success and accomplishment.
To make it easier for you to understand, here are a few reasons women favor entrepreneurship over climbing the corporate ladder.
1. To Have Control over their Future
Working for someone who offers stability is a myth. Many women have experienced a reorganization, layoff, restructuring, buyout, or a variation of those at some point in their corporate life. These scenarios often result in organizational changes that are out of one's control and can have negative career repercussions. Working for yourself means you are in the driver's seat. This is a very powerful statement because you have control over your business activities and whom you work with, including customers and business partners.
2. To Follow their Passion
As we have mentioned earlier, starting your venture allows you to find meaning and gives you the strength to leave behind a legacy that you can be proud of. To be truly successful, you need to find work that you're passionate about. If your corporate job seems suffocating and unfulfilling, perhaps it's finally time to consider being your boss. After all, it feels better to fail at something you love than succeed at something that you don't care about.
3. To have more Flexibility
The reality is that women are still the central caregivers, whether we're talking about children or aging parents. A survey revealed that roughly 74% of women said flexibility is more important than making the most money. Being your own boss usually allows for more freedom than working for someone else. This individual autonomy is especially helpful when a family may be the number one priority.
4. To have Multiple Streams of Income
While many believe that having multiple streams of income is the only way to real wealth, you don't have to quit your job the same day to start your own business venture today. Instead, you can slowly work yourself into full-time entrepreneurship or even remain an "intrapreneur," earning extra money on the side through your business.
These are some of the many reasons why women pursue their career in entrepreneurship. If you have got an idea or two, then go ahead and fulfill your dream.
If you want to set up your own business in the UAE, we at Commitbiz can help you. Our specialists can help you right from business incorporation to office space. Contact us today for more information.